Core Viewpoint - Hengli Group, the controlling shareholder of Hengli Petrochemical, has released 13.5 million shares from pledge, representing 0.64% of its holdings and 0.19% of the company's total share capital [1] Shareholding Summary - Hengli Group and its concerted parties currently hold a total of 5.311 billion shares, accounting for 75.45% of the total shares [1] - The cumulative pledged shares amount to 1.805 billion shares, which is 33.99% of their holdings and 25.65% of the company's total share capital [1] - After the release of the pledged shares, Hengli Group has 1.168 billion shares still under pledge, representing 55.60% of their holdings and 16.59% of the company's total share capital [1] Future Financing Plans - The decision on whether the released shares will be used for subsequent pledge financing will depend on the funding arrangements, and the company will continue to disclose relevant information [1]

Report Industry Investment Rating - High-sulfur fuel oil: Volatility [2] - Low-sulfur fuel oil: Volatility [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] Core Viewpoints - The geopolitical and macro situation remains unclear, with limited progress in Russia-Ukraine peace talks. The crude oil market faces many uncertainties in the short term and is in a range-bound oscillation, and the FU and LU futures also show narrow fluctuations [1]. - High-sulfur fuel oil is in a stage of market adjustment and rebalancing, with a mix of long and short factors. The increasing exports of Middle Eastern high-sulfur fuel oil due to OPEC's production increase pose potential pressure on the market [1]. - The current market pressure on low-sulfur fuel oil is limited. Although the market structure is relatively stable in the short term, there is no strong driving force. In the medium term, it still faces the contradiction of demand share substitution and surplus production capacity, with upward resistance despite some support at the lower end of the valuation [1]. Summary by Related Catalogs Market Analysis - The main contract of SHFE fuel oil futures closed down 0.04% at 2,840 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 0.85% at 3,512 yuan/ton [1]. - The shipments of Middle Eastern high-sulfur fuel oil reached 3.41 million tons and 3.38 million tons in July and August respectively, much higher than the 2.08 million tons in January. There may be more room for export growth after the peak power demand season [1]. - The domestic production of low-sulfur fuel oil remains low, and the arbitrage supply from the West has tightened again. The export of Brazilian low-sulfur fuel oil has declined, and the external market maintains a Back structure [1]. Strategy - High-sulfur fuel oil: Expected to be volatile [2] - Low-sulfur fuel oil: Expected to be volatile [2] - No specific strategies for cross-variety, cross-period, spot-futures, and options [2]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The refinery's recent production scheduling has been reduced, alleviating supply pressure. Although the peak season stimulates demand recovery, the overall demand falls short of expectations and remains sluggish. Inventory levels remain unchanged. With the strengthening of crude oil, cost support has strengthened in the short - term. It is expected that the futures market will fluctuate within a narrow range in the short - term, with asphalt 2511 fluctuating between 3530 - 3570 [10]. 3. Summary According to the Table of Contents 3.1 Daily Views - **Supply Side**: In August 2025, the total planned production volume of domestic asphalt was 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the utilization rate of domestic petroleum asphalt sample production capacity was 31.3998%, a month - on - month decrease of 1.44 percentage points. The shipment volume of national sample enterprises was 263,800 tons, a month - on - month increase of 11.17%. The sample enterprise output was 524,000 tons, a month - on - month decrease of 4.37%. The estimated maintenance volume of sample enterprise equipment was 682,000 tons, a month - on - month increase of 5.25%. Refineries have reduced production recently, reducing supply pressure, but supply pressure may increase next week [8]. - **Demand Side**: The construction rate of heavy - traffic asphalt was 29.3%, a month - on - month decrease of 0.05 percentage points, lower than the historical average. The construction rate of building asphalt was 18.2%, unchanged month - on - month, lower than the historical average. The construction rate of modified asphalt was 17.1358%, a month - on - month increase of 0.15 percentage points, higher than the historical average. The construction rate of road - modified asphalt was 28.33%, unchanged month - on - month, lower than the historical average. The construction rate of waterproofing membranes was 33.86%, a month - on - month increase of 3.26 percentage points, lower than the historical average. Overall, the current demand is lower than the historical average [8]. - **Cost Side**: The daily profit from asphalt processing was - 629.11 yuan/ton, a month - on - month increase of 5.60%. The weekly profit from delayed coking at Shandong local refineries was 740.6729 yuan/ton, a month - on - month decrease of 6.05%. The loss from asphalt processing increased, and the profit difference between asphalt and delayed coking decreased. With the strengthening of crude oil, it is expected that the support will strengthen in the short - term [9]. - **Expected Outlook**: The refinery's recent production reduction has eased supply pressure. The overall demand recovery in the peak season is lower than expected and remains sluggish. Inventory remains unchanged. With the strengthening of crude oil, cost support has strengthened in the short - term. It is expected that the futures market will fluctuate within a narrow range in the short - term, with asphalt 2511 fluctuating between 3530 - 3570 [10]. - **Lido Factors**: The relatively high cost of crude oil provides some support [13]. - **Negative Factors**: There is insufficient demand for high - priced goods, and overall demand is declining. The expectation of an economic recession in Europe and the United States is intensifying [14]. - **Main Logic**: On the supply side, supply pressure remains high; on the demand side, the recovery is weak [15]. 3.2 Fundamental/Position Data - **Basis**: On September 3, 2025, the spot price in Shandong was 3,550 yuan/ton, and the basis of the 11 - contract was 10 yuan/ton, with the spot price at a premium to the futures price. The evaluation is neutral [11]. - **Inventory**: Social inventory was 1.27 million tons, a month - on - month decrease of 1.70%. Factory inventory was 674,000 tons, a month - on - month decrease of 5.86%. The inventory of diluted asphalt at ports was 190,000 tons, a month - on - month increase of 26.67%. Social inventory has been continuously decreasing, factory inventory has been continuously decreasing, and port inventory has been continuously increasing. The evaluation is neutral [11]. - **Futures Market**: MA20 is upward, and the futures price of the 11 - contract closed above MA20. The evaluation is bullish [11]. - **Main Positions**: The main positions are net long, with a decrease in long positions. The evaluation is bullish [11].

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core Viewpoints - The geopolitical and macro - situation remains unclear, especially the limited progress in Russia - Ukraine peace talks. Crude oil is in a range - bound oscillation with no clear direction, and the FU and LU fuel oil futures also show narrow - range fluctuations [1]. - High - sulfur fuel oil is in a stage of market adjustment and re - balancing, with both long and short factors intertwined and no obvious contradictions [1]. - Low - sulfur fuel oil currently has limited market pressure, with domestic production remaining low. The Western arbitrage supply has tightened again. In the short term, the market structure is relatively stable but lacks strong driving forces. In the medium - term, it still faces the contradiction of demand share substitution and excess capacity, with upward resistance despite some support at the lower end of the valuation [1]. 3) Summary by Related Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 1.53% at 2,847 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed up 2.54% at 3,559 yuan/ton [1]. - The short - term situation of crude oil is uncertain. The outcome of Russia - Ukraine negotiations and changes in US sanctions policies need to be monitored. Russia's fuel oil production and exports may be affected by sanctions and refinery shutdowns caused by drone attacks in Ukraine [1]. Strategy - High - sulfur fuel oil: Expected to fluctuate [2]. - Low - sulfur fuel oil: Expected to fluctuate [2]. - Cross - variety, cross - period, spot - futures, and options: No specific strategies are provided [2].

Group 1 - The core viewpoint of the report indicates that China's kerosene production is expected to reach 5.62 million tons in July 2025, representing a year-on-year growth of 18.9% [1] - Cumulative kerosene production in China from January to July 2025 is projected to be 33.76 million tons, with a cumulative growth of 2.3% [1] Group 2 - The data source for the kerosene production statistics is the National Bureau of Statistics, and the report is organized by Zhiyan Consulting [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2]

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年7月中国汽油产量为1324万吨，同比下降3.1%；2025年1-7月中国汽油 累计产量为8936.2万吨，累计下降6.3%。 2020-2025年1-7月中国汽油产量统计图 上市企业：宝利国际（300135）,恒基达鑫（002492），中国石化（600028） 相关报告：智研咨询发布的《2025-2031年中国乙醇汽油行业发展现状调查及市场分析预测报告》 ...

Core Viewpoint - In July, Jinzhou Petrochemical achieved a record high in aviation fuel railway transportation volume, with a year-on-year increase of 84% [1] Group 1: Production Optimization - Jinzhou Petrochemical has implemented full-process optimization and strengthened process control to support the increase in aviation fuel production and transportation [1] - The company has enhanced production efficiency by optimizing the structure, tapping into production potential, and improving the coordination between upstream and downstream facilities [1] - Adjustments to product structure have been made in response to market demand, significantly increasing the yield of aviation fuel [1] Group 2: Quality Control - Jinzhou Petrochemical ensures quality by creating a stable and reliable production environment for the continuous increase in aviation fuel output [1] Group 3: Efficient Logistics - To ensure the smooth output of increased aviation fuel resources, Jinzhou Petrochemical has established efficient coordination across all operational links, facilitating smooth transportation of aviation fuel [1]

Report Industry Investment Rating - Not provided Core Viewpoints - The asphalt market is in a situation of weak supply and demand, and the asphalt futures will fluctuate in the near term. The supply side shows a decline in the start - up rate and an expected increase in production in September. The demand side is restricted by factors such as funds, weather, and investment data. The cost - side support of asphalt is limited due to the low - level fluctuation of crude oil prices [1]. Summary According to Related Catalogs Strategy Analysis - The operation strategy is range operation. The asphalt start - up rate last week decreased by 1.4 percentage points to 29.3% month - on - month, 3.8 percentage points higher than the same period last year. In September, the domestic asphalt production is expected to be 2.686 million tons, an increase of 273,000 tons or 11.3% month - on - month and an increase of 683,000 tons or 34.1% year - on - year. The start - up rates of downstream industries were mostly stable last week, with the road asphalt start - up rate remaining unchanged at 28.33% month - on - month. The national asphalt shipments increased by 11.17% to 263,800 tons week - on - week. The inventory - to - sales ratio of asphalt refineries decreased this week but is still at the lowest level in the same period in recent years. The resumption of oil extraction in Venezuela by Chevron may reduce the discount for China's purchase of asphalt raw materials. There are factors both promoting and restricting asphalt demand, and the cost - side support of asphalt is limited [1]. Futures and Spot Market - In the futures market, the asphalt futures 2510 contract rose 1.17% to 3,551 yuan/ton today, with the lowest price at 3,547 yuan/ton and the highest price at 3,582 yuan/ton. The trading volume decreased by 3,747 to 105,860 lots [2]. - In the basis market, the mainstream market price in Shandong rose to 3,540 yuan/ton, and the basis of the asphalt 10 contract fell to - 11 yuan/ton, at a neutral level [3]. Fundamental Tracking - On the supply side, the start - up rate of asphalt decreased by 1.4 percentage points to 29.3% month - on - month due to the shutdown or conversion to residue production of some devices. The start - up rate is still at a relatively low level in the same period in recent years [1][4]. - Investment data shows that from January to July, the national highway construction investment decreased by 8.0% year - on - year, and the cumulative year - on - year growth rate increased slightly compared with that from January to June 2025 but was still negative. From January to July 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transportation industry decreased to - 2.0%, and the cumulative year - on - year growth rate of the completed fixed - asset investment in infrastructure construction (excluding electricity) decreased to 3.2% [4]. - As of the week of August 29, the start - up rates of downstream asphalt industries were mostly stable, with the road asphalt start - up rate remaining unchanged at 28.33% month - on - month, slightly higher than the same period last year, restricted by funds and weather [1][4]. - The government has proposed a more proactive fiscal policy. As of the end of July, the stock of social financing scale was 431.26 trillion yuan, a year - on - year increase of 9%; the M2 balance was 329.94 trillion yuan, a year - on - year increase of 8.8%; and the balance of RMB loans was 268.51 trillion yuan, a year - on - year increase of 6.9%. The acceleration of government bond issuance was the main reason for the increase in the growth rate of the social financing scale [4]. Inventory - As of the week of August 29, the inventory - to - sales ratio of asphalt refineries decreased by 0.7 percentage points to 15.5% compared with the week of August 22, remaining at the lowest level in the same period in recent years [5].

Group 1: Chemical Sector Performance - The chemical index showed a positive trend with all sub-sectors reporting gains, including a 1.92% increase in the chemical raw materials index, a 1% increase in the chemical machinery index, a 0.37% increase in the chemical pharmaceuticals index, and a 3.73% increase in the pesticide and fertilizer index [1] - The top five rising petrochemical products included normal butanol up 6.69%, TDI up 4.47%, calcium carbide up 4.44%, butadiene up 3.71%, and industrial naphthalene up 3.20% [1] - The five petrochemical products with the largest declines were liquid chlorine down 62.50%, dimethyl disulfide down 9.80%, normal propanol down 6.76%, dimethyl carbonate down 5.00%, and industrial-grade lithium carbonate down 4.63% [1] Group 2: Oil Sector Performance - The oil index experienced a decline, with the oil processing index down 1.29%, while the oil extraction index remained flat, and the oil trading index fell by 3.91% [1] - International crude oil prices showed a strong oscillation, with WTI settling at $64.01 per barrel, up 0.55% from August 22, and Brent settling at $68.12 per barrel, up 0.58% from August 22 [1] Group 3: Capital Market Performance of Chemical Companies - The top five rising listed chemical companies included Jianye Co. up 34.36%, Yunnan Energy Investment up 33.84%, Bai'ao Chemical up 21.93%, Aipu Co. up 20.11%, and *ST Yaxing up 17.61% [2] - The five listed chemical companies with the largest declines were Feilu Co. down 25.45%, Aladdin down 14.44%, Jinmei B shares down 14.35%, Zhun Oil down 13.00%, and Hengtai Aipu down 11.23% [2]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - Supply side: In August 2025, the total planned asphalt production in China was 2413000 tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. The sample capacity utilization rate of domestic petroleum asphalt this week was 31.3998%, a month - on - month decrease of 1.44 percentage points. Refineries have recently reduced production, alleviating supply pressure, but supply pressure may increase next week [8]. - Demand side: The current demand is lower than the historical average. The heavy - traffic asphalt开工率 was 29.3%, a month - on - month decrease of 0.05 percentage points; the construction asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 17.1358%, a month - on - month increase of 0.15 percentage points; the road - modified asphalt开工率 was 28.33%, unchanged from the previous month; the waterproofing membrane开工率 was 33.86%, a month - on - month increase of 3.26 percentage points [8]. - Cost side: The daily asphalt processing profit was - 629.11 yuan/ton, a month - on - month increase of 5.60%. The weekly delayed coking profit of Shandong local refineries was 740.6729 yuan/ton, a month - on - month decrease of 6.05%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking decreased. With the strengthening of crude oil, it is expected that the cost support will strengthen in the short term [9]. - Expectation: The refinery's recent production reduction has alleviated supply pressure. The overall demand recovery stimulated by the peak season falls short of expectations and remains sluggish; inventory remains flat; with the strengthening of crude oil, the cost support strengthens in the short term. It is expected that the futures price will fluctuate narrowly in the short term, with asphalt 2511 fluctuating in the range of 3486 - 3528 [10]. 3. Summary by Relevant Catalogs 3.1 Daily Views - **Fundamentals**: Bullish. The refinery's production reduction alleviates supply pressure, but overall demand is lower than expected and sluggish. The inventory remains flat, and the cost support strengthens in the short term [8][10]. - **Basis**: On August 29, the spot price in Shandong was 3510 yuan/ton, and the basis of the 11 - contract was 21 yuan/ton, with the spot at a premium to the futures. Neutral [11]. - **Inventory**: Social inventory was 1270000 tons, a month - on - month decrease of 1.70%; factory inventory was 674000 tons, a month - on - month decrease of 5.86%; port diluted asphalt inventory was 190000 tons, a month - on - month increase of 26.67%. Social and factory inventories are continuously decreasing, while port inventory is increasing. Neutral [11]. - **Futures Price Chart**: MA20 is downward, and the futures price of the 11 - contract closes above MA20. Neutral [11]. - **Main Position**: The main position is net long, and the long position increases. Bullish [11]. - **Likely Influencing Factors**: Positive factors include relatively high crude oil costs providing some support; negative factors include insufficient demand for high - priced goods and overall downward demand, with an increasing expectation of an economic recession in Europe and the United States [13][14]. - **Main Logic**: On the supply side, supply pressure remains high; on the demand side, the recovery is weak [15]. 3.2 Asphalt Futures Market - **Basis Trend**: The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025 [20]. - **Spread Analysis** - **Main - Contract Spread**: The report shows the historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 [23]. - **Asphalt - Crude Oil Price Trend**: The report presents the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate crude oil from 2020 to 2025 [26]. - **Crude Oil Crack Spread**: The report shows the historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil crack spreads from 2020 to 2025 [29]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The report presents the historical price - ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 [33]. 3.3 Asphalt Spot Market - **Regional Market Price Trends**: The report shows the historical price trends of Shandong heavy - traffic asphalt from 2020 to 2025 [36]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The report presents the historical trends of asphalt profit from 2019 to 2025 [38]. - **Coking - Asphalt Profit Spread Trend**: The report shows the historical trends of the coking - asphalt profit spread from 2020 to 2025 [41]. - **Supply - Side Analysis** - **Shipment Volume**: The report presents the historical trends of the weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 [44]. - **Diluted Asphalt Port Inventory**: The report shows the historical trends of domestic diluted asphalt port inventory from 2021 to 2025 [46]. - **Production Volume**: The report presents the historical trends of the weekly and monthly production volumes of asphalt from 2019 to 2025 [49]. - **Marine Crude Oil Price and Venezuelan Crude Oil Monthly Production Trend**: The report shows the historical trends of the Marine crude oil price and Venezuelan crude oil monthly production from 2018 to 2025 [53]. - **Refinery Asphalt Production Volume**: The report presents the historical trends of refinery asphalt production volume from 2019 to 2025 [56]. - **Capacity Utilization Rate**: The report shows the historical trends of asphalt capacity utilization rate from 2021 to 2025 [59]. - **Estimated Maintenance Loss Volume**: The report presents the historical trends of the estimated maintenance loss volume of asphalt from 2018 to 2025 [61]. - **Inventory Analysis** - **Exchange Warehouse Receipts**: The report shows the historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) of asphalt from 2019 to 2025 [64]. - **Social and Factory Inventories**: The report presents the historical trends of social and factory inventories of asphalt from 2022 to 2025 [68]. - **Factory Inventory - to - Stock Ratio**: The report shows the historical trends of the factory inventory - to - stock ratio of asphalt from 2018 to 2025 [71]. - **Import - Export Situation** - **Export and Import Trends**: The report presents the historical trends of asphalt export and import from 2019 to 2025 [74]. - **Korean Asphalt Import Spread Trend**: The report shows the historical trends of the Korean asphalt import spread from 2020 to 2025 [79]. - **Demand - Side Analysis** - **Petroleum Coke Production Volume**: The report presents the historical trends of petroleum coke production volume from 2019 to 2025 [80]. - **Apparent Consumption**: The report shows the historical trends of asphalt apparent consumption from 2019 to 2025 [83]. - **Downstream Demand**: The report presents the historical trends of highway construction traffic fixed - asset investment, new local special bonds, infrastructure investment completion year - on - year growth rate, asphalt concrete paver sales, excavator monthly operating hours, domestic excavator sales, and roller sales from 2019 to 2025 [86][90]. - **Asphalt Capacity Utilization Rate**: The report shows the historical trends of heavy - traffic asphalt, construction asphalt, modified asphalt, road - modified asphalt, and waterproofing membrane asphalt capacity utilization rates from 2019 to 2025 [95][98][99]. - **Downstream Capacity Utilization**: The report presents the historical trends of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane asphalt capacity utilization rates from 2019 to 2025 [99]. - **Supply - Demand Balance Sheet**: The report provides the monthly asphalt supply - demand balance sheet from January 2024 to August 2025, including data on monthly downstream demand, diluted asphalt port inventory, factory inventory, social inventory, export volume, import volume, and production volume [104].